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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMODITIES
- Crude oil is closing out the session with minimal change from yesterday’s latest slide and a 9.5% decline in two days. It recovered from a surprise overnight 7% slump in WTI at the open that was quickly reversed and with no sign of such a fast decline in Brent when it opened later on.
- WTI is -0.1% at $68.55 off that brief low of $63.64 having cleared a key support at $64.58 to open $62.43 (Dec 2, 2021 low).
- In options space, $65/bbl puts have just edged out $75/bbl calls for most active strikes in the CLM3.
- Brent is +0.15% at 72.44, off a low of $71.28, breaching $74.66 (76.4% retrace of Mar 20 – Apr 12 bull run) and next opening a key support at $70.10 (Mar 20 low).
- Gold is +0.5% at $2049.94 despite a partial reversal in USD weakness of the past few days, instead benefiting from uncertainty as bank fears weigh. It’s off an overnight high of $2062.99 and US session high of $2059.62 but having breached prior resistance at $2048.7 (Apr 13 high). It opens $2070.4 (Mar 8 high) after which sits the all-time high of $2075.5 (Aug 7, 2020 high).
Differing fortunes for 1st WTI (white) and spot gold (yellow)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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